{"id":731,"date":"2015-01-28T12:43:32","date_gmt":"2015-01-28T12:43:32","guid":{"rendered":"http:\/\/teammovemortgage.com\/2015\/01\/28\/construction-perm-loan-process-from-loan-application-to-moving-in\/"},"modified":"2020-07-13T22:37:26","modified_gmt":"2020-07-13T22:37:26","slug":"construction-loan-process","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/construction-loan-process\/","title":{"rendered":"Construction Perm Loan Process from Loan Application to Moving In"},"content":{"rendered":"

Building a home is a dream for so many, but keep in mind that in many ways there are many more steps compared to buying an existing home.\u00a0 A construction\u00a0loan process\u00a0for stick built and modular homes has a lot moving pieces.\u00a0 In addition, building a home has so many decision to make as well.\u00a0\u00a0So after choosing a house plan, a popular question is,\u00a0“How does the construction perm loan process work?”.<\/p>\n

Construction Loan Process<\/span><\/strong><\/h2>\n

First of all, it is a good idea to complete loan application and get preapproved.\u00a0 Next, provide the required documentation to firm up a preapproval.\u00a0 Knowing where you stand before going through too much of the building process is paramount.\u00a0 Here are the basic steps when it comes to a construction and permanent loan.\u00a0 There are additional steps which lenders and builders complete, but this gives a good idea of the process.<\/p>\n

\"Construction
VA, USDA, FHA, conventional construction to perm loans<\/strong><\/figcaption><\/figure>\n
    \n
  1. Builder approval or choose from approved builders<\/li>\n
  2. Complete builder contract price<\/li>\n
  3. Structure the loan amounts for construction plus permanent VA loan<\/li>\n
  4. Loan terms disclosed and discussed<\/li>\n
  5. Appraisal based on as completed value<\/li>\n
  6. Submit for VA loan underwriting<\/li>\n
  7. Clear all conditions per approval<\/li>\n
  8. Submit for construction loan approval<\/li>\n
  9. Construction loan closing<\/li>\n
  10. Building commences<\/li>\n<\/ol>\n

    Once the house is nearing completion:<\/strong><\/h3>\n
      \n
    1. Update income, asset, & credit documentation<\/li>\n
    2. Lock interest rate for permanent loan<\/li>\n
    3. Close permanent loan which pays off the construction loan<\/li>\n
    4. Move into your brand new, never lived in home!<\/li>\n<\/ol>\n

      So keep in mind that these are not every single step and each scenario may be different.\u00a0 But\u00a0this gives a good idea of the process flow on a construction to perm loan.<\/span><\/span><\/span><\/p>\n

      For more details or to qualify for a construction perm loan, contact us today<\/a><\/span>!<\/span><\/span><\/p>\n

      Team Move\u00a0lends in\u00a0areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC.\u00a0 North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.<\/em><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

      Building a home is a dream for so many, but keep in mind that in many ways there are many more steps compared to buying an existing home.\u00a0 A construction\u00a0loan process\u00a0for stick built and modular homes has a lot moving pieces.\u00a0 In addition, building a home has so many decision to make as well.\u00a0\u00a0So after […]<\/p>\n","protected":false},"author":2,"featured_media":732,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,142,33,17,40],"tags":[208,141,25,26,27,28,29,30,31,32,9,10,11,13,147,209,210,47,49],"class_list":["post-731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-constuction-to-perm","category-frequently-asked-questions","category-products","category-tips","tag-construction-loans","tag-construction-perm","tag-fha","tag-fha-guidelines","tag-fha-home-loans","tag-fha-loan-calculator","tag-fha-loan-requirements","tag-fha-loans","tag-fha-purchase","tag-fha-rates","tag-first-time-buyers","tag-homebuyers","tag-low-down-payment","tag-mortgage-faqs","tag-new-home-construction","tag-one-time-closing-construction-perm","tag-va-construction-perm","tag-va-home-loans","tag-va-requirements"],"acf":[],"yoast_head":"\nConstruction Loan Process Explained to Understand Application to Moving In<\/title>\n<meta name=\"description\" content=\"The Construction loan process for VA USDA FHA and conventional end loans is explained in an easy to understand step by step way. Build your own home\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/teammovemortgage.com\/blog\/construction-loan-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Construction Loan Process Explained to Understand Application to Moving In\" \/>\n<meta property=\"og:description\" content=\"The Construction loan process for VA USDA FHA and conventional end loans is explained in an easy to understand step by step way. 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